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Allocation

Allocation of Expenses by Income Type—Tax Basis worksheet

The Allocation of Expenses by Income Type — Tax basis worksheet is 1 of 4 worksheets that show how expenses are calculated. These worksheets are available in the
Expenses
 folder in Forms view.
To view this worksheet, right-click and select
Switch to Form
, then select the
Expenses
 folder.
  • Net income amounts calculated on a tax basis are used to determine the character of income reported to the beneficiaries on Schedule K-1.
  • The expenses are allocated to the available income categories using the gross method. Mark the
    Use net rather than gross method for allocating expenses
     checkbox on the
    Allocate
     screen in the
    Allocations
     folder to change the default.
  • You can exclude any income category (except tax-exempt) from the allocation of indirect expense. Mark the category checkboxes in the Exclude Indirect Expense section on the
    Allocate
     screen in the
    Allocations
     folder. If an income category is excluded, it's excluded for both the Tax Basis and Accounting Income Basis Worksheets.
  • You can force any net income amount by using the Net Income by Type section on the
    Allocate
     screen in the
    Allocations
     folder. If you force an amount, it's forced for both the Tax Basis and Accounting Income Basis Worksheets.
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